A combinação de negócios da Perdigão S.A. e Sadia S.A.: análise da variação entre o valor contábil, o valor de mercado e o valor econômico

Abstract

This study shows the variance between the book value, market value and economic value of the business combination of Perdigão S.A. and Sadia S.A., which, upon its association, had created the BRF Brasil Foods S.A. one of the main producers, distributors and sellers meats and processed foods in the international market. The initial phase of the case study focuses on the presentation of the main theoretical models of valuation, its variations, and the parameters needed to implement those models. Among the models, picked up the discounted cash flow, more particularly the variant known as Free Cash Flow of Firm (FCFF) to obtain the economic value of the three companies. The second step consists in calculating the economic value of three companies based on a period of operational activity projected for ten years, separated into three stages: a period of five years of accelerated growth, a period of five years of steady growth and, thereafter, a period of continued growth for an indefinite period. The third step is the presentation of book value, market value and economic value of Sadia and Perdigão not considering the business combination, consolidating those values and comparing them with the values of the BRF. Then, assesses the significance of the book value and economic value on the value expressed by the capital market related to BRF, based on the price per share correspondent to the initial public offering of shares on the date of consummation of the business combination, this is March 2009